Defence Minister Rajnath Singh announced on Tuesday that India has set a target of Rs 1.75 lakh crore in turnover in the defence manufacturing sector by 2025.
He emphasised that increasing the domestic manufacturing of military equipment is a primary focus of the government.
“Seven-eight years ago, our defence exports were not even Rs 1,000 crore but now it has crossed Rs 13,000 crore. We have set a target of Rs 1.75 lakh crore of defence production by 2025, which includes the export of Rs 35,000 crore,” he said at an event.
He added that to boost domestic defence industries, the government has allocated more than Rs 85,000 crore in this year's defence budget for the purchase of military equipment from domestic companies.
He also said, the defence ministry has already released three lists with a total of 309 products for the military that will not be imported in a staggered manner and the government is looking for a strategic partnership model for defence manufacturing, which aims to promote domestic production of fighter planes, military helicopters, tanks and submarines.
The minister said that the country's total inflow of foreign direct investment in the most recent fiscal year was a record high at USD 83.57 billion, indicating that India has become a popular investment location and the entire world wants to invest here.
He also reviewed the preparations for the coming Defence Expo 2022 at a meeting in New Delhi.
The 12th edition of DefExpo is to be held in Gandhinagar from 18 to 22 October. It will be the biggest Expo ever as 1,136 companies have registered as of now.